Azerbaijani banks buy over $1.3B from SOFAZ
By Trend
The State Oil Fund of Azerbaijan (SOFAZ) sold $300.3 million through currency auctions organized by the Central Bank of Azerbaijan (CBA) in May 2017, SOFAZ said in a message June 2.
During the five months of 2017, SOFAZ sold more than $1.314 billion at currency auctions. In total, Azerbaijan’s banks bought about $4.92 billion from the Oil Fund in 2016.
SOFAZ will continue selling currency through auctions.
The currency sale is carried out as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 6.1 billion manats for 2017.
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